In a filing with Bursa Malaysia yesterday, the company said it had entered into a memorandum of understanding (MOU) with Hilton Worldwide on Feb 4, 2015.

Menara YNH is a mixed development comprising a hotel, offices and retail outlets with a gross development value (GDV) of over RM3 billion.

The project is located next to Concorde Hotel and Shangri-La Hotel in the city centre.

YNH had initially partnered Singapore's CapitaLand Ltd for the project, having signed a MOU in December 2006 to jointly develop the project on a 60:40 basis but the MOU was terminated in June 2007.

Another investor, Kuwait Finance House Bhd (KFH) had also pulled out of the project. KFH, which had offered to buy a 50% interest in the office component of Menara YNH, aborted its plan to buy one of the two office blocks.

Since then, the company has amended its project plan with a higher GDV of over RM3 billion from the RM2.1 billion projected originally.